Advances in Community Services Research
Vol. 4 No. 2 (2026): March - August

The Impact of Rising Gold Prices on Financial Markets and the Rupiah Exchange Rate

Amel Rezkia Rachmat (Universitas Kebangsaan Republik Indonesia, Bandung, Indonesia)
Yulianah Yulianah (Universitas Kebangsaan Republik Indonesia, Bandung, Indonesia)
Aldy Nurdin (Universitas Kebangsaan Republik Indonesia, Bandung, Indonesia)
Dea Amanda Amelia (Universitas Kebangsaan Republik Indonesia, Bandung, Indonesia)
Pricilla Aprilia Putri (Universitas Kebangsaan Republik Indonesia, Bandung, Indonesia)
Agung Agustrianto (Universitas Kebangsaan Republik Indonesia, Bandung, Indonesia)



Article Info

Publish Date
11 Jul 2026

Abstract

Purpose: This study aims to examine the influence of global gold price movements on Indonesia's financial market indicators, namely the Rupiah exchange rate and the Jakarta Composite Index (JCI), during the 2020–2026 period. Research Method: A quantitative associative approach was employed using monthly secondary time-series data collected from Investing.com, Bank Indonesia, and the Indonesia Stock Exchange. Multiple linear regression analysis was applied to assess the relationships among the variables. Results and Discussion: The findings reveal that global gold prices are associated with fluctuations in Indonesia's financial markets. The JCI model yielded an R-Square value of 0.620 with a Significance F value of 3.22 × 10⁻¹⁷, while the Rupiah exchange rate model produced an R-Square value of 0.373. Implications: These results highlight the importance of monitoring gold price volatility in investment decision-making and financial stability policies. Originality: This study simultaneously investigates the effects of global gold prices on both the Rupiah exchange rate and the JCI, providing evidence from Indonesia during the post-pandemic period.

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Journal Info

Abbrev

ACSR

Publisher

Subject

Other

Description

Founded in 2023, Advances in Community Services Research publishes original research that promises to advance our understanding of Community Services over diverse topics and research methods. This Journal welcomes research of significance across a wide range of primary and applied research methods, ...